bell. [closing bell rings] >> thank you, liz. liz: nothing to sneeze at here. the dow up 78 points, still in correction. maybe tomorrow the tide will turn on the historic day of the longest bull market in history. that will do it for the claman countdown. >> busy day on our hands. so many crosscurrents as they say. the market looks good as liz was talking about into the close. fourth straight day of gains for the dow. we backed off the highs a bit. still looks like we'll finish up what, 60 some points on the dow. the s&p set a record today. record-setting day for the s&p 500. we'll cover all that. i'm telling you we have a lot of other things to do. good to be with you as well. i'm connell mcshane filling in for david asman. melissa: i'm melissa francis. we have more "after the bell." more on the big market movers. here is what we're covering in a very busy hour ahead. michael cohen back in court. sources telling fox news that the president's formal personal

attorney will make a plea deal in his fraud case that could include several years in jail. we'll bring you the details and reaction as soon as news breaks. former u.s. assistant attorney andrew mccarthy among our guests weighing in this hour. we may hear from the president on this. so many other issues at any moment, as leaves the white house, heads to a rally in west virginia. we'll bring us his comments as well. we could get a verdict in the paul manafort trial. that has been cooking, now fourth day of deliberations. another note from the jury fueling speculation of a verdict could come down any minute. stand by. >> standing by indeed in alexandria and new york, everywhere else. before all of that, the dow into the close does finish higher. intel, goldman sachs, home depot, helping to lead the way. s&p 500 gets the headlines today with the records. start it off here with ashley webster on the floor of

the new york stock exchange. >> a what is that now, 3453 days? that is pretty impressive. the dow finishing up 63 points off the session lows for sure but almost out of correction territory from the low back in march. we are nearly up 10% from there. the dow almost out of correction territory. more gains today for the nasdaq although big tech has pulled back a little bit in recent sessions. what about the standout stocks? how about tj maxx? everyone loves to search for the bargain among all those clothing items. guess what, tj maxx, toll brothers. toll brothers, 14% on stellar

earnings. bet revenue on strong demand for luxury homes. connell mcshane type of home buying who is afraid of amazon? not tj maxx. they love the bricks and mortar stores, they love the bargain hunting for cut price apparel items. as you can see, tj maxx, kohl's both having a good day in the retail sector. retail ice age. what ice age, guys. connell: that is a good day. thank you, ashley webster. melissa. melissa: s&p soaring toward a major record for the longest bull run streak in history. let's bring in our panel. lenore hawkins, thematica research and gary kaltbaum, from it kaltbaum capital management. gary, i feel like we're jinxing

it with the segment? >> 1000% jinxing it. when we talk about it, it is already done. my biggest issue we're not in the early innings. the good news, doesn't mean we're in the late innings. let me just say, i have never been more optimistic president people of this country, the workers of this country, the technological breakthroughs, the medical breakthroughs all that stuff. my biggest problem i have never been more pessimistic on the people that are supposed to be fiscally responsible with the taxpayer dollars. if anything, that will kill the goose. it is going to be those lovely people in washington, d.c. melissa: james, that makes me want to cry. >> don't cry. >> you can cry a lot thinking about those lovely people in d.c., but the good news the economy is humming. growth gives us some hope we have the means to pay all these promises those lovely people run up over the years. as ashley was saying, really the story of the last two years. it is higher revenue. we've talked about great earnings but it is also really

good top-line growth with a lot of these companies. melissa: lenore, the numbers are staggering. we were showing a bunch of them. i remember march of 2009, people being afraid. nasdaq is up 516%. s&p 500, 321%. the dow almost 300%. what is the lesson there? >> well i think one of the things to look at, if we want to get a lesson from history, is look at the relationship between the unemployment rate and the future of equity returns. right now, we're in a sub4% unemployment environment. that is super, super rare. only really happened three times going back to world war ii. happened right after world war ii, everyone is getting back to work from the workforce. it happened from 66 to 70. during that time there was basically no movement in stocks. your returns were flat. happened again in 2,000, 10 months in 2000. we all know the story after 2000. equity returns aren't that

great. i'm a little worried when i see that. i see the stocks are still pretty richly-priced. i see corporate profits as percent of that economy, the gdp that is at really high levels. that tells me going forward to really get great stock price movement going forward across all the indices will be tough. melissa: that is what makes a market, guys. stick with us. connell: let's get to the other breaking story of the day, at least one of them, president trump's former personal attorney michael cohen. he is expected to be in court this very hour. you have seen reports throughout the afternoon of a guilty plea. hillary vaughn is working the story at the white house. see what she has come up with. hillary? reporter: connell fox news sources are selling i don't know roberts michael cohen will plea straight-out guilty plea deal. he turned himself over to the fbi moments from now. we're expecting to see him roll up to the court flanked by fbi agents along with his attorneys

to attend proceedings slated to happen at 4:00 p.m. any moment we could expect this the associated press is reporting that president trump's ex-personal attorney and fixer is going to plead guilty to multiple counts of campaign finance violations, tax fraud, and bank fraud. the guilty plea on campaign violations would bring to the surface more questions for those on the 2016 trump campaign. close associations to the president, including the president himself. we don't know if anyone else, other than cohen has been listed in the charging documents related to specifically to campaign finance violations or if cohen in the process of pleading guilty will name anyone in court. something to look out for. we don't know if anyone, we don't know if reports of the charges on tax fraud and bank fraud have anything to do with the reports that cohen used taxicab medallions in new york that he owned worth millions, to secure a 20 million-dollar loan.

there are questions about how cohen spent the $20 million he was able to get in this bank loan related to the taxied medallions. on top of all of this, multiple outlets are reporting that cohen, as a part of this plea deal is not only going to get three to five years of potential jail time but also pay a substantial fine. so keeping an eye on the front of the district courthouse in midtown manhattan we're expecting to see cohen roll up any minute now flanked by the fbi agents and his attorneys. connell. connell: hillary, thanks. we'll bring you back as more news develops. james freeman is still here right now. james, let me get your take on this a couple things stands out as we see the reporting and hillary reported some of this in the fox reporting, for example, mr. cohen will enter a great

guilty plea, agree to do jail time, somewhere between three to five years. the idea this may not include an agreement to cooperate with the prosecutors in the case as some speculated before this, that might. what do you make of that? >> it could mean that he doesn't have too much to offer. it also, i think it should be said at some point, like the manafort trial, we're still waiting for one of these prosecutions to have something to do with russia. we really have to remember this, if it's a guilty plea, obviously will not be tested in court but this theory that this type of settlement with a mistress is a campaign finance violation is a, is a really aggressive, novel legal approach that has never worked before as far as i know. we remember it failed in the john edwards prosecution, similar allegations. i would say perhaps even more favorable to a prosecution in the edwards case.

they couldn't make that one stick. connell: right. >> so you know, i don't really know what to make of this. i guess you've seen in the markets, again, not, not overly concerned it would seem. connell: i think if there was connection directly or if market participants interpreted it directly to the president it would have harmed him we would have seen a bigger selloff. we haven't seen that this afternoon. if there is crime related to political campaign finances you bring up, that mr. cohen pleads guilty to, isn't a possible that connects to the president, after all it is his campaign, right? >> if it is true that he is not cooperating, that would suggest maybe less of a potential connection. again, people, sadly have issues with mistresses and settlements do happen for reasons other than influencing a campaign maybe

people don't want public embarassment or disclosure. i'm not sure how you call this campaign violations. jury during the edwards case didn't see it. connell: straight guilty plea, three to five years jail time, if there is no cooperation with prosecutors, are you saying that is a positive for the president, that he can put this part of him behind it, the michael cohen part of the investigation? would that behind the white house and the president today is that your interpretation? >> no. i wouldn't say it's a positive. in a political sense if cohen is pleading to campaign finance violations, that gives again not in legal realm but in the political realm people a chance to talk about the president and tie it to him. so i don't think it's a win for him but i also think until we see the details here maybe it's not a huge event. connell: that's what we're saying. we, know what we reported or we think we know what we've been able to get from sources and the like. john roberts has done a lot of

that at the white house fox news, straight guilty plea, three to five years. james, you're right we don't know until we see the plea or plea agreement what exactly is agreed to. more throughout the hour. thanks, james. melissa. melissa: we're keeping a close eye on any developments from the two federal courthouses any second in michael cohen's plea deal. this could happen any moment in the we'll get a verdict to the paul manafort trial. the jury submitted a new note to the judge. we'll take you live to alexandria, virginia for update. former prosecutor andrew mccarthy what this all means for the mueller investigation and the trump administration, if that isn't enough meantime, senate holding two separate hearings on russia today, amid a new bombshell report from microsoft which uncovered russia hack attacks aimed at conservative groups. more sanctions on the way. we'll talk about that.

senator mike rounds, banking committee, senate subcommittee on cybersecurity. he joins us next. how do you win at business? stay at laquinta. where we're changing with contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab.

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secretary of state wes mitchell says these type of attacks will likely continue. >> we have to understand that we have a competitor who seize us as strategic competition and its interest dividing us internally. strategy of chaos for strategic effect. melissa: microsoft's president brad smith echoing those remarks, warning this will not be the last of russian hacking attempts. we're seeing a up take in attacks. what is particular in this instance is the broadening of the type of websites they are going after. these are organizations that are typically tied to republicans who we see them broadening beyond the sites they have targeted in the past. joining us now to react, senator mike rounds. a member of the fat banking committee, chairman of the senate subcommittee on cybersecurity. are sanctions the right response in a situation like this? i mean if this is the new warfare and they're firing at us, are sanctions the

appropriate response or should it be something else? >> sanctions are one type of a response they have not shown to be real effective yet but we do know it does impact their economy. there have been sanctions imposed on over 200 individuals or organization according to testimony we received in front of the banking committee. they are imposing them. there are more sanctions that could be imposed. most certainly this is one way to impact what mr. putin thinks because a lot of the resources that these are impacting belong to his friends and his colleagues. melissa: yeah. what, how would you characterize the sanctions as they stand right now because i hear some folks saying, yes, we're putting on more layers and it should be even tougher? others are saying this is the most we ever had. we're talking about considering more, even more are about to go into effect tomorrow. so on a scale of one to five,

how tough are sanctions on russia right now? >> i would say that these have been some of the toughest sanctions that russia has ever seen. at the same time under kafta or katsa, one of the pieces of legislation that the department of state and department of treasury works under along with homeland security they're able to do even more. it's a very powerful tool, one of the thing that limits us in open settings they will not telegraph what they might do. i would not be surprised if there were additional sanctions being imposed but we shouldn't just limit it to sanctions only. there are other things we can do. there are diplomats who once again can continue to be eliminated for doing business within our country. there are other things doing on diplomatic basis as well. but as in cyber there are a matter of five domains which you can do battle or have conflict, air, land, sea, cyber, and space. melissa: yeah.

>> we should not rule out responding in a cyber domain as well now or in the future. melissa: it could be happening. we just don't know about it. of course our government wouldn't tell us if they're cyberattacking another government i would think, right? >> here is part of the deal, on a defensive measure we want to do everything as can to make it as expensive as possible when they're trying to get into our systems to actually attack us but the second part under the science advisory board out of the department of defense last year said we needed to really improve our capabilities with regard to our offensive capabilities to be a deterrent against these types of attacks in the future. for the next 10 years we'll need that capability. just last week we learned through the press, that ppd-20, presidential policy directive 20 has been stopped. there is a new one in place. that was the presidential directive that laid out how we could offensively respond to cyberattacks. melissa: okay. >> that is really good news for

the united states. we haven't had a full briefing what the new one is going to look like yet. it will be classified but we hope to be able to send a message to those near-peer competitors out there, china, russia, iran, north korea, there is a new game. there are new capabilities that might well be employed. melissa: i want to get your take on the importance of judge kavanaugh's meeting with senators on the hill today. what did you think about that because there was a lot of people with whom he met who have said they have already made up their mind but at the same time, you know, he is there going around and talking to people, they're at least giving him, listening to him on both sides of the aisle? what do you think? >> i'm sorry, i'm not sure, we had noise in the background at exact time -- >> i was talking about judge kavanaugh. >> okay. melissa: the fact he is meeting with more folks on both sides of the aisle. even in some cases people already made up their mind how they will vote. how important is it to go out to talk to people? >> first of all even to those

individuals who already made up their mind, just for to us be able to share with them, make them more uncomfortable with the position they're taking is a good thing. the second part is, yes, there are members on the other side declared up front, it didn't matter who it was, if it was president trump's nominee they would vote against them. that is part of the process. but to the public, they care about the fact that judge kavanaugh is making the effort to step out, to work his way through the process, to be available to all members. that's very important in this process. the other message you have to remember is, that they're making demands for executive branch information like never before. there is literally 250,000 pages already released, in possession of the judiciary committee already, which is way more than any of the other current nominees has ever had. melissa: i'm sure every page got read. senator rounds, thank you so much for coming on. thank you for your time. connell: that is the way it always works. keep a close eye on new york and federal court in lower

manhattan. from what we understand michael cohen is in there in the courtroom, looking from the outside, entering a guilty plea expected could include some years in jail. we'll get you more updates as they come in to us. there is president trump on his way to west virginia. he has a rally there tonight. we'll take you there live of after the break. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event.

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melissa: we are showing you live pictures of president trump arriving in joint base andrews. he will be leaving here or there, i should say, for west virginia for a rally coming up. connell: we'll talk a lot about that. hector barreto, former small business administrator. thank you for coming on. the reason we have you on talking about the president's rally tonight, amid all the news breaking from courtrooms around the northeast, this brings up an emphasis that the president put

on small business, especially rolling back, when it comes to coal tonight, but generally speaking rolling back regulations. someone who looked at this a lot, what helped more with the president's policies, lower taxes or fewer regulations? >> i think it's a combination of above. the regulatory roll back is one of the untold stories in the economy. when you take the barriers especially off small business, they have more money to invest in companies. they're more optimistic about the future. deregulation is really important. we need to have some regulation. but it shouldn't be onerous the way small businesses felt for the last eight years before this president. connell: now with this particular industry. he will focus on it in west virginia this evening, the coal industry, you could ask a couple different questions, these are epa regulations so environmental factors come up but from a business point of view, one of the things that also comes up is the long-term sustainability of this particular industry around whether or not it is worth it

for lack of a better term to be investing in coal as opposed to some other businesses that might be seen as the future. what's your take? >> we need to be investing in all kinds of energy opportunities for this country. some people think that the next boom in this country, it will not be a tech boom, it will be an energy boom. connell: right. >> so when the president does things he is talking about tonight, rolling back regulation on that industry, that is a positive sign, not just for the coal industry, but for energy in general. connell: right. >> it also affects a lot of small businesses that depend on those larger factories, to sell to and to be in partnership with. connell: i guess that is what i was getting at. to some extent within the energy industry, jeff flock did some reporting yesterday, some other natural gas, for example, might be a more worthwhile long-term investment if you're right about that boom, and you probably are? >> i think all of the above. connell: okay. >> we vin credible opportunities we have not not taken advantage

of. this administration is pro-energy development. we can export energy as opposed to importing it from countries not necessarily friendly to us. melissa: breaking news. connell: we have more breaking news. thank you, hector. what do you have, melissa. melissa: the jury reached a partial verdict in the paul manafort trial. straight to deirdre bolton in the newsroom. they have reached a verdict on eight counts? >> that's right, melissa. as you know well, there are a total of 18 counts. so the jury in the manafort can agree on eight of them as you said. but there are still 10 they're trying to work out. we have been reporting throughout the day. the jury has been sending the judge two notes, at least by my count, just asking essentially for advice, if they can not reach consensus on some of the counts. so the judge apparently has told the jury essentially to try to reach consensus, which is the whole point but to respect minority views. so that is a quote coming from

judge ellis. so as we know, summary of counts total, five count of false tax returns. four counts ever failure to report foreign bank accounts, three counts of bank fraud that is related to a loan from citizens bank. three counts of bank fraud related to a loan that manafort allegedly took from the bank of california. four counts of bank fraud and that was related to his loans from federal savings bank. again, melissa, the headline for the moment, verdict still unknown we should say, but the jury reached agreement in eight of the 18. as soon as i see anything else i will come back to you, melissa. melissa: deirdre, thanks so much. we're going to turn now to andrew mccarthy. he is "national review" contributing editor, but a former assistant u.s. attorney for the southern district of new york. what does that tell you? they have reached a verdict on eight. they can not reach a verdict on the other 10 they're saying. what is your take?

>> well, it means melissa, they're still working, which means, they're following the judge's instruction to at least try to resolve the case. the importance procedurally of a partial verdict would be, if the judge were to allow them to return a verdict of eight counts, there would then be the question of whether they should continue deliberating to try to resolve the other 10 and the trick here would be, that the eight counts they would return, that would be final. if they went back to continue deliberating they would not be able to touch those eight counts. from perspective the court, even to the parties to some extent, always better to try to get them to resolve the whole thing because because a partial verdict could be very messy, if they end up going back to try to horse trade to reconsider. that can get dicey. melissa: what does it mean for the other 10?

they deliver the verdict on eight and can't work anything out on the other 10, does it leave open for the prosecution to go back and work on those 10 again? is it like a hung jury or what does it mean for the other 10? >> exactly right. it would be a hung jury on the other 10, which would mean you presume the government would have the option of retrying those counts. many times the government looks at its case and decides either on, in partial verdict situation, if they're satisfied with what they have gotten on the other counts they may decide it is not worth trying this case. we need to remember here, manafort is facing yet another trial in the district of columbia that i think the prosecutors are pretty confident about. so that factors in here as well. melissa: if you were trying to read the tea leaves, what you know about this case already, the questions they already asked, how they came back like this, we also got the color from inside the courtroom, when they said you have to respect the will of the minority, supposedly

one juror who is sitting sort of off by himself, who nodded vigorously to that, sort of indicating that perhaps he was the one who was a holdout at this point, what would you read into all of this information? >> well, my big question going in was whether the jury would be so turned off by the plea agreement that rick gates got that would annoy them enough to flush the whole case because, you have the specter here of gates getting essentially a walk on charges that manafort could be looking at a long jail sentence on. melissa: yeah. >> that would suggest, if that was right that would be, it is kind of a all or nothing thing. here is looks like it's a mixed result. you know, we don't know what that will mean, but if i were a prosecutor would i feel better about that i think. melissa: all right. andy, thank you. we'll bring you back as we get more headlines. don't move. we have michael cohen's guilty

plea coming up as well. don't go anywhere. thank you. connell: a lot coming out all at once. a look where the markets end the day amid all this news. we're higher on all major averages. the s&p 500 now tied for the record having the longest bull run in history. so that will probably be the big story tomorrow. who knows what will happen between now and then. melissa: we have more on the president's former personal attorney, michael cohen on plea deal. we have getting new details. we'll have it all after the break. ♪ hi, i'm joan lunden with a place for mom,

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connell: all right. we're going from breaking story to breaking story right now. yep, we're all running around like you guys. there is one of the courthouses we're watching. it was manafort a moment ago. it is back to michael cohen now, the president's former personal attorney entered a guilty plea in lower manhattan, charged with a false statement to a financial institution. entered a guilty plea charged with unlawful corporate campaign finance contribution is one of the headlines i'm seeing now coming in as well. evading personal income taxes. these headlines fast and furious coming across on the michael cohen plea in lower manhattan. melissa: andy mccarthy is with us. we told you not to walk away far. this is breaking. glad you stayed there. what is your reaction to that? five counts of tax fraud. one count of making a false statement to financial

institutions. what do you think? >> did i also hear there is campaign finance violations? connell: i saw one headline coming across, "bloomberg news" headline, that cohen is charged with unlawful corporate campaign finance contribution. it wasn't in the other note we saw. we'll check that, that was in another set of headlines they are just coming in to us. >> yeah, it seems to me the other charges, this, is kind of in the blind without having read the charging instrument, why not, right? the, you know, those charges that you, that colin mentioned could be receipted to his personal business. i think the thing in terms of importance to the country as opposed to importance to cohen, the campaign finance violation, how they treated that, that would be the most important thing. melissa: in terms of they have to link the president to it, wouldn't they? in order to prove he knew about

it or knew about the violation in order to rope him into any part of this? >> i think he is linked to it no matter what in the sense he is in facts of it. what you mean linked to it, criminal or culpable sense, they would have show, they would have to show he knew about it. but you can just imagine the frenzy we'll have over that very issue. it's a little bit hard to distance yourself from something that you're in the middle of factually. melissa: andy, i want to paws for a second. we're hearing the jury reached a verdict in the paul manafort trial. go to deirdre bolton. i'm seeing guilty on one count so far. what do you have,. >> guilty on one, that i have so far. this is breaking news. i have guilty on one. but i also do have the jury has reached a verdict on eight counts. the one we're talking about.

melissa: give meet rest of them. count one, subscribing to false united states individual tax returns, guilty. that is a three-year sentence. this is, usa versus paul manafort. count two, go ahead. subscribing the false income tax returns, guilty. go ahead. >> other ones were of course waiting to see of course, are the four counts of the failure to report foreign bank accounts. that is the one that i actually don't see having come across yet. but just remind our viewers, there are 18 in total, ranging from false tax returns to failure to report foreign bank accounts, to bank fraud, related to loans from citizens bank, related to a loan from bank of california, two separate counts there. melissa: we're seeing a mistrial on the other 10. >> on other 10. melissa: read the first eight. as we look through the wires now, and our own reporting to see where we are on that, guilty

on all eight, is what i'm seeing crossing the ap wires right now. guilting on all eight. they will let the other 10 go because they couldn't come -- a mistrial declared on 10 others. wow. >> and i think what a lot of people, including your guests of course have been talking about, this is really the first trial that resulted by fbi special prosecutor robert mueller, led to some issues while we did have paul manafort. serving as manager of president trump's campaign. these loans were reportedly main in 2016 while paul manafort was working on the campaign of president donald trump. listen the outcome of this case is certainly critical moments for the trump administration. melissa: let's bring in andy america cart think back in.

found guilty on all tax fraud counts. those are five of eight we're sure knowing he was found guilty on the other 10 he has a hung jury. we're trying to figure out what the other three are. meantime, an did i mccarthy, what is your reaction? >> seems to once you decide there are revenue streams haven't been reported, he has control of foreign bank accounts, the tax charge -- [inaudible] melissa: i think we're losing andy. maybe we can re-establish the contact there. connell: appears the judge accepted i believe we know this to be a fact accepted the guilty plea of eight charges, right? that is the question whether or not the judge would accept a partial verdict in this case. would appear the judge has accepted eight guilty. melissa: guilt i on one through

five, guilty on 12, 25, 27. if you hear us in the booth, have the graphics tell us which ones. one through five i think are all tax related charges. 12, 25, 27 are the other three. a mistrial on the 10. connell, obviously the prosecution decided sitting there they were satisfied with the eight and letting mistrial on the other 10. if you get a clean sweep on the eight, unlikely they would go back and -- connell: that's right. we're told the jury in this case in alexandria, virginia, has indeed been dismissed by the judge in u.s. district court. the judge asked, debated back and forth in recent days, that their names, the names of the jurors, that is, be kept confidential. that came up towards the end of the trial with number of news organization filing, attempting

to get the judge to turn over the names of jurors. the judge talked about receiving death threats in this case. he was worried about the safety of jurors. asking names of those jurors were kept confidential, so they can not be revealed, kept for their safety, that is after dismissing those jurors. you do have for paul manafort, former chairman of the trump campaign a total of eight different guilty verdicts that have been returned. now he had 18 charges against him. if you've been able to go through what's a yes and what's a no here? melissa: guilty on the bank fraud. that was count 27. that has max sum sentence of 30 years. it was one million dollar loan from bank of california. 28 was bank fraud and conspiracy. that was a mistrial. let me find the other one. there are two more we're looking for there. here we go. failure to file reports of foreign bank and financial

accounts, guilty. that is count 12 and that carries a sentence of five years that happened in 2012. interesting to see as well what years these go with. count 5 was one of the, filing false tax returns. guilty. that was for 2014 that carry as sentence of three years on that one. the mistrial on the bank fraud, conspiracy, that was 34, potential 30 year sentence, $3.4 million loan from citizens bank. that was one of the bigger one. the bank fraud, 25. guilty, maximum sentence of 30 years. $3.4 million loan from citizens bank. mistrial, 26, 27, was also bank fraud, 30 years. so those are, they got two of those charges that carried very heavy sentences with them. connell: it is interesting, because andy mccarthy is back with us, i think we re-established connection. do you read anything into that, andy, in terms of a broader

significance? i will point out asked the question of you, because we're following two breaking stories at once, john roberts is able to get ahold of rudy giuliani, the president's lawyer on michael cohen plea. the take on that i'm quoting, i don't think this could be better for the president's case. he thinks that cohen's straight guilty plea, the three to five years in jail we talked about already, essentially puts it behind the president. what about manafort case as you read what melissa just told you, any big read on that? >> well i think from the prosecution, colin, they got everything out of this they could hope for. they got him convicted, trying to run the numbers as melissa was reading them. it is easily 50 or 60 years of exposure. plus again he has the second trial which has, money laundering counts, i don't remember how many there were, but they are 20-year counts.

so if the idea here was to get him convicted and ratchet up the pressure on him to cooperate with the investigation, i think it is mission accomplished for them. melissa: when you look at what these were, bank fraud, conspiracy, are these things, i mean it is obviously these are the things that happened along time before he was an associate with the president. we don't know if these relate to payments that he received, you know, from work that he was doing on behalf of the ukraine, or, if these are potentially things that, i guess if they could just use the sentence to lever him, against the president, but it doesn't necessarily tie in in any way to the president. >> no. you know, melissa, the bank fraud conspiracy was, i think, from a proof standpoint, it was the toughest count for them, because they did not take a bank fraud conspiracy plea from gates. he testified that he didn't intend to defraud any banks. since you can't have conspiracy

without an agreement between two people, the two people the government were pointing to were gates and manafort, that was a real tough proof for them. melissa: how did they do it, then? >> they didn't. didn't you say they -- melissa: bank fraud, but not bank fraud conspiracy. just bank fraud, but not bank fraud conspiracy. you're right. >> so what they found that he committed bank fraud but they wouldn't find there was a conspiracy because by the government's own witness, he said he didn't intend to do it. connell: i -- >> it's a hollow victory for manafort on that. connell: this could be tough for everybody to follow along in the control room, especially we're following both breaking stories at once. andy, thanks for doing that. could we go back to michael cohen just one minute. this headline crossed from inside the courtroom, michael cohen, president's former personal attorney he did indeed violate campaign law, this is apparently what he said in court, he did sew at the the at

candidate, doesn't name the candidate. we could infer legal reasons, obviously being the president law. direction of candidate acted for purpose of influencing an election. your take on that part of it, which we didn't know when we spoke to you earlier, michael cohen? >> i think politically it is going to be damaging. now, looking at what they did here, usually what you would do as a prosecutor, if the guy won't cooperate, you throw more counts at him. it looks to me like they took, they basically gave him, you know, a fairly lenient plea, in the sense he is only looking at three to five years. the way you would normally treat someone you are getting cooperation from, throw the book at them, ratchet up the pressure to get them to cooperate, go from there. you don't usually give somebody

the benefit of cooperation up front before they have given you anything. connell: we have to take a quick break. andy, thanks so much for being with us on the fly and working with us. andy mccarthy. we'll be t right back. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. with tripadvisor, finding your perfect hotel at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay! tripadvisor searches over 200 booking sites... to show you the lowest prices...

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donald trump, but simply said, at the direction of a candidate he paid $130,000 to someone. he also did not state who that person was. we are hearing that the judge is looking at a possible sentence from anywhere to 46 months to 63 months in jail for cohen because of this guilty plea. but we're also getting a little bit of conflicting arguments here. we did get some reaction from rudy giuliani, the president's personal attorney, saying that he thinks that this is not bad for the president at all, saying i don't think this could be better for the president's case. giuliani also saying moments ago that he's conflicting what cohen is saying in open court, that the president actually never directed that payment to be made, and never knew about it. so as we are getting these updates in, cohen very emotional, but also admitting that it was at the candidate's

direction that he made a payment to someone. connell: i wonder, thank you, i wonder whether or not mr. giuliani knew about that when he made those comments. melissa: now they would have to make the case he's telling the truth and the president is lying. that's where it goes from there. we will have more on these two huge stories after the break. paul manafort guilty on eight charges. michael cohen striking a plea deal, pleading guilty there. you wouldn't accept an incomplete job

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melissa: so much breaking news coming fast and furious. paul manafort guilty on eight counts of fraud, out of 18. his sentence is set for august 29th. we are told he was stone-faced through the verdict. connell: the michael cohen case, he did plead guilty to tax evasion, bank fraud.

the campaign finance violation, the big one. melissa: happy birthday. connell: yeah, happy birthday. the idea he did it at the direction of a candidate, presumed to be the president. melissa: bail of half a million dollars? connell: half a million dollars. melissa: i'm exhausted. here's "the evening edit." john: the jury in the paul manafort case finding donald trump's former campaign chairman guilty on eight of the 18 charges against him. we will bring you all the details. president trump's former personal attorney michael cohen just striking a deal with prosecutors, pleading guilty to multiple counts of campaign finance and bank fraud and tax evasion. the deal includes three to five years in jail. we will bring you all the details. the stock market is about to become the longest bull run in american history driven by a strong u.s. economy. the jobless rate at an 18-year low. how long can it last? we will debate. president trump heading to west virginia for a rally tonight. fo